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Possible Bearish Inside Day Candle Pattern Detected for Regions Financia (NYSE:RF)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Regions Financia (NYSE:RF) based on the price action in the company's shares. Yesterday's price range of $16.42 and $16.58 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Regions Financia may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Regions Financia has overhead space with shares priced $16.54, or 18.6% below the average consensus analyst price target of $20.31. The stock should find resistance at its 50-day moving average (MA) of $16.59, as well as support at its 200-day MA of $15.59.

Regions Financial Corporation is a regional multi-bank holding company. The Company provides mortgage banking, credit life insurance, leasing, commercial accounts receivable factoring, specialty mortgage financing, and securities brokerage services. Regions provides banking services throughout the South, Midwest, and Eastern United States.

In the past 52 weeks, shares of Regions Financia have traded between a low of $13.38 and a high of $17.54 and closed yesterday at $16.54, which is 24% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

SmarTrend is tracking the current trend status for Regions Financia and will alert subscribers who have RF in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle regions financia

Ticker(s): RF